NCDMB Mandates 1% Content Levy for Oil Firms
The Nigerian Content Development and Monitoring Board (NCDMB) has issued a reminder to oil and gas upstream firms regarding the mandatory remittance of a 1% Content Levy to the Nigerian Content Development Fund (NCDF). This requirement is stipulated under Section 104 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010.
Dr. Obinna Ezeobi, the General Manager of Corporate Communications Division at NCDMB, emphasized that all entities involved in upstream contracts are obligated to remit this levy based on the contract value. Mr. Felix Omatsola Ogb, the Executive Secretary of NCDMB, clarified that the NCDF is a statutory development fund created specifically by an act of the National Assembly and should not be classified as federal government revenue.
Payments made outside the officially designated account will not be recognized. Companies are urged to ensure compliance and seek clarification from the board as necessary.
Furthermore, obtaining a compliance certificate from the NCDF is now a key requirement for accessing regulatory services from the board.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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